AUD/USD - Statement just released by RBA minutes of its July 1st monetary policy meeting, quote :
1 on present indications, prudent to have period of steady rates;
2 repeats A$ high by historical standards, particularly given drop in commodity prices;
3 A$ offering less assistance to the economy than it might otherwise;
4 board noted NZD and CAD also high, were most surprised by low level of US dollar;
5 members agreed was difficult to judge if low rates would offset mining, fiscal drag;
6 further substantial falls in mining investment expected, public demand to be weak;
7 economic growth seen a little below trend over coming year, inflation in target band;
8 significant amount of monetary stimulus already in place to support economy;
9 RBA saw some improvement in labour market, only moderate jobs growth expected;
10 household consumption had eased, liaison suggested retail sales little changed from may to June;
11 strong growth in home building expected, non-mining investment rising gradually;
12 labour costs subdued, members noted productivity had improved across economy.
AUD briefly dipped to intra-day low of 0.9384 b4 rebounding to 0.9402 after the minutes were released as Reuters headline: "Australia c.bank sets steady course for rates amid economy doubts" suggests no rate cut will be made any time soon.
Next RBA meeting will be on Aug 5.
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